People across western Europe are tightening their belts this festive season saying they want practical gifts or even money for Christmas, as the effects of the worldwide economic downturn are felt.

According to research done by the financial group Deloitte, people will spend less this year on Christmas gifts and festivities because of rising household costs and the uncertain economic future.

The research suggested that many people in France people have said they want cash as stocking filler this year.

Gilles Goldenberg, Partner at Deloitte said:
"...you know in France the first thing people want is money as a gift. We saw that trend last year as well, and in Europe more and more places when you ask consumers what they do want for Christmas, they say money."

The survey found that people in Britain will spend some seven per cent less this Christmas season.

Jace Tyrrell, New West End Company (representing retailers in the West End of London) said:
"There's no doubt this is going to be one of the toughest Christmases for retailers across the country and in the West End this year. It's actually very good news for shoppers though. Retailers will be pulling out all the stops to really attract the customers in. "

The shops now will have to wait and see if consumers will do more than just window shopping.

AP